You’re getting solar panels, and solar panels are attached to your home, so they’re covered by homeowners insurance, right?
Well, maybe.
Don’t make an assumption about what is and isn’t covered. Solar panels are a big investment, and you want to make sure you’re protecting them properly. Storms or extreme weather can wreak havoc on the panels, but insurance coverage can save you from a big repair bill.
Here’s what you need to know about how homeowners insurance does — or doesn’t — cover solar panels.
Does homeowners insurance cover solar panels?
If you’re buying the solar panels (rather than leasing them), and putting them on your roof (rather than your yard or some other structure), your homeowners insurance will most likely cover the panels, according to Beth Swanson, a licensed insurance agent at The Zebra, an insurance marketplace.
But there’s one big caveat: You’ll want to check your coverage levels. For most homeowners, their policy covers the replacement cost of their home at the time they bought it or took out the policy. If you then add a $20,000 solar array on top, that might exceed the amount of money you have in your coverage policy.
Swanson advises that you reassess your policy to make sure you have enough coverage to include the large expense of a solar system. (This also applies to any big renovation that significantly increases the value of your home.)
